I think the balls and lolly's will be fine. My guy was 3 last year and it was mostly family kids, so party favors were my small Easter baskets to them (the day before Easter.) I bought candy, my sister bought candy, and it was more cathartic than anything because our Dad had just passed and he always made a big deal out of the Easter egg hunt for the little ones. We wanted to carry on his tradition, I have no idea how much each basket cost.
For my guy's 4th birthday I'm making pirate "spyglasses" out of paper towel holders covered with scrapbook paper ($.25 a sheet) and a 3D skull sticker, tied in two places with twine, all for less than $10. I'm baking a treasure chest cake, and the "treasures" (ring pops, candy necklaces, gold covered chocolate coins, etc.) inside are doing double duty and will go in the small burlap goodie bags, too. (I know, candy is bad.) I may add something "useful" but not sure, thinking of bandannas if I find them on sale.